Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1887-12-16

and 10 recommend Sucn WtdouiVH
as will in my opinion promote the
prosperity Of the state. The Leg
islature eOnvenes at a propitious
period in the history of Virginia
a prosperous future points to peace
and PROGRESS within her limits, and
wise DEGREES and economic laws
will be expected and demanded by
the people of their representatives.
My Executive duties began on the
LIST of January, 1856. The Legisla'
ture of 1SS5-SG was already in SEES
sion. The vexatious sore on the
body polite was the public debt,
and it was an ulcer tender to the
touch of citizens within and with
out the limits of the state. Politl-
cal parties were weary on its pain
and a jaded Commonwealth lament
ed its duration. With the belief
that from a sound state of public
health would freely flow multiplied
blessings, my attention was at once
directed to such sanitary measures
as would produce results so much
to be desired. 1t was clearly the
initial point upon which the Execu-
tive work should begin.
After careful reflection | was con-
WINGED that conference between
the State and the representatives
of her creditors would not be in
furious to either, and might be ben
efcial to both. In a message com
munlcated to the General Assem-
bly, February 16, 1887, l therefore
recommended that a committee be
appointed whose duties should be
plainly defined, whose powers
should be carefully prescribed,
guarded and limited, and whose
mission should be to meet a COM
mission from the creditors and
while urging them to accede to a
settlement whose obligations the
State could meet withoutincreasing
the burdens of her people, to point
out at the same time the vast un-
tried and nnexpended power which
always resides with a resolute and
uniting people, and caution them
against arOusing a public sentiment
which, forgetful Of justice and TAX
ing counsel of passion, might de-
stroy the interests which We were
then striving to protect.
The propriety of the proposed
course was not received by the Leg
islature with that unanimity so es-
sential to a successful solution of
the problem, and resulted in no ac-
ton being taken by that body.
A desire to promote the public
welfare decided me to call an ex.
ira session of the same body to
meet in the city on the 10th of
March, 1887. The recommendation
which made to them the previous
year for the appointment OF a com
mission was renewed, and this time
was adopted by a vote IN the Sen.
ate by % ayes to 10 noes and IN the
House by So ayes to 6 noes. A
Joint committee of four members
from the Senate and six from the
House, inclusive Of the presiding
officers of each body, accordingly
met in this city on the 29th of
April last.
After a labori0us session OF sew.
eral seeks l regret to say that the
joint commission adjourned with
out reaching a settlement.
To the final report of the Legis-
lative Committee, known as State
Document No. IS, you are referred
for information regarding their con-
ference with the bOndhOlder's com
mission. If the final proposal of
the English representatives had
been accepted by our committee
and the outstanding obligations of
the State funded under the terms
proposed. it would have resulted in
the State having to make prOvi-
sion for the redemption of princl-
pal of a debt of $4,000, ,919, and
the payment of an annual interest
of 1922, ,5OS. A careful estimate Of
the available revenue for that pur
pose determined her inability to
meet this demand. In any settle.
ment embracing annual payments
greater than the State could meet
with her present income a default
in the payment of interest would
arise, carrying with hope removed,
a repetition of the experience de
rived from the States "PandOra
box" the Funding bill of 1871. AS
far as could be ascertained, the
English Commission represented
about so per cent. of the conso
bonds, and some 80 per cent. of the
Tent -fOrties ; the remaining bonds
of the last denomination being held
in this country. 1t was therefore
thought that if a settlement could
be made with the English bond
holders, it would probably have
extended to bonds held by others
No disposition was manifested OF
the part of Sir Edward Thornton
and his associates to make a settle
ment which would involve any in
crease of taxes; they prOtessed U
be willing to settle upon the amour
- LII L. LII &c AZ CAnlni